Field of the Invention
The present invention is generally related to forecasting, and more particularly to a computer program product and method for sales forecasting and adjusting a sales forecast.
Discussion of the Background
To meet customer demand, enterprises, such as, without limitation, stores and other retail entities, forecast the future demand of their customers, including, without limitation, other enterprises, the general public and other entities or persons to which the enterprise serves or has a relationship. A sales forecast is utilized to, amongst other things, manage resources, including, without limitation, ensuring that the appropriate amount of inventory and resources are available when and where they are needed. A plan is often generated based on the sales forecast. A plan typically specifies the movement and placement of inventory and resources, and includes a plurality of actions that need to be taken to maintain inventory at a certain level.
In an increasingly global economy, there is a need for enterprises to receive sales and other related information from stores and other retail entities and to update their sales forecasts and plans to better adapt to changes and/or trends in local and regional sales. Timely updates to sales forecasts based on actual sales and/or events relating to such are also often important to accurate enterprise resource planning (“ERP”).
Arrangements that are known in the prior art for updating sales forecasts do not adequately provide for forecasting as described in the present invention and, as such, inventory and resources may be misapplied or not optimally used by the enterprise.
Thus, there currently exist deficiencies in sales forecasting and adjusting a sales forecast.